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. Yet, to our knowledge, the literature lacks a formal equilibrium analysis of this auction. We provide such an analysis for …
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(lottery) contest and the all-pay auction. A Nash equilibrium exists for all parameters of the nested contest. If and only if … the contest is sufficiently asymmetric, then there is an equilibrium in pure strategies. In this equilibrium, individual … contest. When the contest is symmetric or asymmetric, I find a mixed-strategy equilibrium and describe some properties of the …
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